UAE real estate: Property market records high growth in H1 2024; Dubai transactions hit $94bn
In the first half of 2024, the UAE’s real estate sector experienced significant growth, driven by economic stability and a surge in new projects. According to the Emirates News Agency (WAM), major real estate companies launched a series of large-scale developments, providing a variety of investment opportunities.
Dubai was at the forefront with over 12 new projects from prominent developers like Emaar, Deyaar, and Dubai Investments. Notably, these projects included an expansion of The Dubai Mall. Approximately 6,600 new residential units were completed, bringing the total to 736,000, with an additional 20,000 units anticipated by the end of 2024.
The Dubai Land Department reported that the sector attracted around 50,000 new investors, with real estate transactions totaling AED346 billion ($94.2 billion), marking a 23 percent increase year-on-year across 100,520 transactions.
Sharjah’s Real Estate Expansion
Sharjah launched seven new projects spanning 16.2 million square meters. Among these are Anantara Sharjah Residences and Faradis Tower, both open for purchase by non-citizens and Gulf nationals. The emirate recorded property transactions worth AED18.2 billion, representing a 35.6 percent year-on-year increase.
Growth in Ras Al Khaimah
Ras Al Khaimah introduced four new real estate projects during the first half of 2024, further contributing to the robust growth in the UAE’s
real estate sector.
Increased Foreign Interest in UAE Properties
The UAE continues to attract foreign investors due to its strategic location, world-class infrastructure, and favorable business environment. Investors from Europe, Asia, and the Middle East are increasingly looking to the UAE for lucrative real estate opportunities, spurred by the government’s pro-business policies and attractive visa schemes for property investors.
Future Outlook and Market Trends
Looking ahead, the UAE real estate market is expected to maintain its growth trajectory, supported by a steady influx of new projects and continued investor interest. The focus on sustainable and smart city developments is likely to shape future trends, as developers and government bodies emphasize eco-friendly and technologically advanced living and working spaces.
Reference: Arabian Business
